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FCA makes new rules

FCA has made various changes to its Handbook following its Board meeting on 28 January. It made the:

Individual Accountability (Extension of Scope) and Whistleblowing (Amendment) Instrument 2016: as noted above this amends several parts of the Handbook and extends the certification regime to wholesale market activities and confirms the whistleblowing regime does not apply to foreign branches. It comes into force on 7 March, with some measures taking effect on 7 September;

Individual Accountability (Swiss General Insurers) Instrument 2016: this amends the SYSC, COCON and the Supervision Manual (SUP) and applies interim rules to Swiss General Insurers (GIs) to reflect PRA’s treatment of UK branches of Swiss GIs within the scope of the new senior insurance managers regime (SIMR) rules as large non-directive firms. Part of this instrument comes into force on 15 February and the remainder on 7 March;

UCITS V Directive Instrument 2016: this amends several parts of the Handbook and makes final rules and guidance for implementing the UCITS V Directive (see below). The major changes relate to depositaries and remuneration. The final rules also include some changes to guidance for depositaries of alternative investment funds. The changes come into force on 18 March;

Credit Unions Sourcebook (Amendment No 8) Instrument 2016: this makes final rules to facilitate changes made by PRA and to improve the Credit Unions sourcebook. Part of the instrument comes into force on 3 February and the rest on 7 March;

Listing Rules and Disclosure and Transparency Rules (Miscellaneous Amendments) Instrument 2016: this instrument makes final rules to amend the Listing Rules cancellation provisions and came into force on 29 January; and

Individual Accountability (Regulatory References) (Interim Requirements) Instrument 2016: also as noted above this amends the Glossary, SYSC and SUP and introduces an interim referencing requirement for the approved persons regimes and SMR whereby relevant authorised firms are required to give a reference when another firm wants to appoint someone to a pre-approved role. The rules will apply until the full reference rules are implemented. This instrument also comes into force on 7 March.